Business
Algoma Central Corporation - Operating Results For the Three and Six Months Ended June 30, 2008 and 2007
ALC-T TORONTO, Aug. 5 /CNW/ - ALGOMA CENTRAL CORPORATION
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\nALC-T\n\n\nTORONTO, Aug. 5 /CNW/ -\n\n\n ALGOMA CENTRAL CORPORATION\n\n Operating Results\n\n For the Three and Six Months Ended June 30, 2008 and 2007\n\n (In thousand of dollars except per share data)\n\n\n Three Months Ended Six Months Ended\n June 30 June 30\n 2008 2007 2008 2007\n\nRevenue $196,969 $163,136 $265,676 $215,164\n\nNet earnings $ 14,196 $ 16,522 $ 5,925 $ 4,786\n\nEarnings per share $ 3.65 $ 4.25 $ 1.52 $ 1.23\n\nDividends paid per\n common share $ 0.45 $ 0.35 $ 0.80 $ 0.70\n\nThe Corporation is reporting net earnings for the three months ended June\n30, 2008 of $14,196 compared to $16,522 for the same period in 2007. The\ndecrease in the net earnings for the second quarter ended June 30, 2008 of\n$2,326 when compared to the same prior year period was due primarily to the\nfollowing:\n\n- Decrease in earnings of the Product Tankers segment due primarily to\n costs and out of service days associated with the planned regulatory\n dry-docking of the Amalienborg.\n\n- Decrease in net foreign exchange gains of $3,572. In the second\n quarter of 2008, the Corporation incurred a net foreign exchange loss\n due mainly to the translation to Canadian dollars of Euro denominated\n short term cash deposits. In the second quarter of 2007 the\n Corporation had net foreign exchange gains on the translation of\n foreign-denominated net liabilities resulting from the strengthening\n of the Canadian dollar against the U.S. dollar.\n\nThe above decreases in the earnings were partially offset primarily by the\nfollowing:\n\n- Improved earnings of the Domestic Dry-Bulk segment as a result of\n higher rates.\n\n- Improved earnings in Ocean Shipping due largely to the addition of\n the Honourable Henry Jackman on August 1, 2007, improved results of\n the CSL International commercial arrangement offset partially by the\n reduced earnings of the Ambassador and the Nelvana due to planned\n regulatory dry-dockings.\n\nFor the six months ended June 30, 2008 net earnings were $5,925 compared\nto $4,786 for the same period in the prior year. The increase in earnings of\n$1,139 was a result of the following:\n\n- Improved earnings for the Ocean Shipping segment due mainly to\n additional operating days as a result of the addition of the\n Honourable Henry Jackman on August 1, 2007, improved results of the\n CSL International commerci...